New aid for Greece approved

On 2 July, the finance ministers of the eurozone countries endorsed an 8.7 billion euro loan to Greece to support the country in meeting its imminent financial needs. The money will be disbursed by 15 July following the agreement by the Board of the International Monetary Fund to allocate 3.3 billion euros, thus bringing the total amount of this fifth tranche to 12 billion euros.

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The decision by the Eurogroup came after approval by the Greek Parliament of key laws on fiscal strategy and privatisation on 29 June and on the required implementing measures on 30 June.

The ministers commended the Greek authorities on their firm commitment to adhere to the agreed fiscal adjustment path and to the structural reform agenda in order to restore fiscal sustainability and safeguard financial stability.

Consultations with Greece's creditors are underway in order to define the modalities for voluntary private sector involvement. The modalities, together with additional funding from official sources, will be determined in the coming weeks.

The next Eurogroup meeting is scheduled for 11 July, followed by a meeting of all EU finance ministers on 12 July.

More information:
Statement by the Eurogroup (pdf)
Eurogroup webpages